MDM Engineering Group Ltd Update on Recommended Offer from Foster Wheeler (4072E)

TIDMMDM

RNS Number : 4072E

MDM Engineering Group Ltd

09 April 2014

9 April 2014

MDM Engineering Group Limited

("MDM Engineering", "MDM" or "the Company")

Update on Recommended Offer from Foster Wheeler

-- Additional Shareholders representing 21.97% of the issued ordinary shares of MDM have executed agreements under which they have agreed to vote in favour of the Recommended Offer

-- Shareholders representing 64.37% of the issued ordinary shares of MDM have now agreed to vote in favour of the Recommended Offer

MDM Engineering Group Limited (AIM:MDM), the minerals process and project management company focused on the mining industry, announces the following update in relation to the recommended takeover offer from Foster Wheeler AG, as announced on 13 March 2014 (the "Recommended Offer" or the "Merger").

The Board of Directors of MDM is pleased to advise that subsequent to the announcement made on 13 March 2014 regarding the Recommended Offer from Foster Wheeler AG that shareholders representing an additional 21.97% of the issued ordinary shares of MDM have now executed voting deeds pursuant to which they undertake to vote in favour of any resolution submitted to MDM shareholders for their approval in connection with the Merger.

MDM shareholders representing approximately 64.37% of the issued ordinary shares of MDM have now executed such voting deeds.

As announced on 1 April 2014, the Notice of EGM containing information relating to the proposed Merger and details of the EGM is expected to be despatched to MDM shareholders by 15 April 2014, with the EGM in relation to the Merger expected to be held on or around 6 May 2014.

The Transaction remains subject to certain conditions precedent including obtaining MDM shareholder approval of the Merger at EGM, securing required regulatory approvals (including clearances from the South African Competition authority and the Tanzanian Fair Competition Commission) and no material adverse changes or certain prescribed events (as defined in the MIA) having occurred in relation to MDM's business.

Subject to the approval of the Merger by MDM shareholders and timely satisfaction of the conditions precedent, MDM still expects the Transaction to be completed in late August 2014, as previously envisaged.

Note: All definitions included within this announcement are as defined in the announcement of 13 March 2014.

Enquiries:

MDM Engineering Group Limited

   Martin Smith (CEO)                                            Tel:  +27 11 993 4300

George Bennett (Executive Director)

   Canaccord Genuity Limited                             Tel: +44 (0) 207 523 8000

Neil Elliot/ Chris Fincken

   Tavistock Communications                              Tel: +44 (0) 207 920 3150

Emily Fenton / Jos Simson

KEY INFORMATION:

MDM Engineering Group Limited is a minerals process and project management company focused on the mining industry. The Company provides a wide range of services from preliminary and final feasibility studies, through to plant design, construction and commissioning. To date, the Company's clients have largely been junior and mid-tier mining corporations with operations in Africa.

The MDM Engineering core technical team has a 25 year track record of completing a wide range of studies and execution projects across a variety of minerals, including precious metals, base metals, ferrous and non-ferrous metals, uranium and diamonds.

The Company has adopted an approach to project execution based on an open-book Engineering, Procurement, and Construction Management "EPCM" or "cost-plus" basis and on a Engineering, Procurement and Construct (EPC) basis. With a core focus on Africa, MDM Engineering is setting the benchmark standard for best practice in the mining services industry through its commitment to providing the highest quality services and actively engaging with clients to ensure maximum transparency.

For more information, please visit www.mdm-engineering.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

OUPQKLBBZZFEBBL

Mdm Engin. (LSE:MDM)
Historical Stock Chart
From May 2024 to Jun 2024